800 apartments in Gera sold to Berlin investor


GWB Elstertal Geraer Wohnungsbaugesellschaft is selling 828 residential and commercial units in Gera’s Bieblach district to a Berlin investor managed by ImmoMa. The apartments have been only partially renovated, and about half are currently unoccupied. Transfer of ownership is scheduled for the end of December. ImmoMa will assume the property management of the portfolio and continue renovation of the apartments in stages. Markus Popp, GWB’s Managing Director, says that the “concentration of our portfolio on the core stock is essentially complete” with the sale agreement. The company had previously been a municipal enterprise overseeing 6,700 apartments. Benson Elliot had acquired a majority stake in the property in August 2016. 250 apartments had been sold to the Jena company Saale Immobilienverwaltung by autumn of last year.

TD Premium

Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.

TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.